Elon Musk will Step Down as a Chairman of Tesla
The Independent
Elon Musk agreed to step down as chairman of Tesla and pay a $20 million fine in a deal to settle charges brought this week by the Securities and Exchange Commission, CNN reports.
Under the settlement, which requires court approval, Musk will be allowed to stay as CEO but must leave his role as chairman of the board within 45 days. He cannot seek reelection for three years, according to court filings.
He accepted the deal with the SEC "without admitting or denying the allegations of the complaint," according to a court document.
Tesla also agreed on Saturday to pay $20 million to settle claims it failed to adequately police Musk's tweet.
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